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Walt Disney’s Early Failures Should Be An Inspiration To Entrepreneurs And Dreamers

Embarking on an entrepreneurial journey often feels like pushing a three-ton boulder up a steep hill, with mounting costs and the temptation to give up. However, Walt Disney’s story and these 10 setbacks, in particular, serve as a powerful reminder that setbacks can be stepping stones to success. Despite facing numerous challenges—including financial nightmares that left him millions of dollars in debt—Disney’s resilience and creativity led to the creation of a global entertainment empire.

1) In 1921, Walt formed his first animation company in Kansas City and made a deal with a New York distribution company to ship his cartoons, with payment due six months later. Flushed with success, he began experimenting with new storytelling techniques, increasing his costs. When the distributor went bankrupt, he was forced to dissolve his company. At one point, he couldn’t pay his rent and survived by eating dog food.

2) In 1926, Walt created a mildly successful cartoon character called Oswald the Rabbit. When he tried to negotiate better rates with his distributor, Universal Studios, he was informed that Universal had obtained ownership of the Oswald character and had hired Disney’s artists out from under him.

3) In 1927, Walt approached MGM Studios to distribute Mickey Mouse but was told the idea would never work—a giant mouse on the screen would terrify women.

Steamboat Willie
Credit: D23

4) In 1933, distributors rejected “The Three Little Pigs” because it only had four characters; at that time, it was felt that cartoons should have as many figures on the screen as possible. It later became very successful and played at one theater so long that the poster outside featured the pigs with long white beards.

5) In 1937, “Snow White and the Seven Dwarfs” was sneak-previewed to college students who left halfway through the film, causing Disney great despair. It turned out the students had to leave early because of dorm curfew.

Snow White and the Seven Dwarfs

6) In 1940, “Pinocchio” became extra expensive because Walt shut down production to make the puppet more sympathetic than the lying juvenile delinquent presented in the original Carlo Collodi story. He also resurrected a minor character, an unnamed cricket, who tried to tell Pinocchio the difference between right and wrong until the puppet killed him with a mallet. Excited by the development of Jiminy Cricket and the revamped, misguided rather than rotten Pinocchio, Walt poured extra money into the film’s special effects, and it ended up losing a million dollars in its first release.

7) For the premiere of “Pinocchio,” Walt hired 11 midgets, dressed them up like little puppets, and put them on top of Radio City Music Hall in New York with a full day’s supply of food and wine. The idea was they would wave hello to the children entering the theater. By the middle of the hot afternoon, there were 11 drunken naked midgets running around the top of the marquee, screaming obscenities at the crowd below. The most embarrassed people were the police, who had to climb up ladders and take the little fellows off in pillowcases.

8) Walt never lived to see “Fantasia” become a success. 1940 audiences were put off by its lack of a story. Also, the final scene, “The Night on Bald Mountain” sequence with the devil damning the souls of the dead, was considered unfit for children.

9) In 1942, Walt attended the premiere of “Bambi.” In the dramatic scene where Bambi’s mother died, Bambi was shown wandering through the meadow shouting, “Mother! Where are you, Mother?” A teenage girl seated in the balcony shouted out, “Here I am, Bambi!” The audience broke into laughter, except for the red-faced Walt, who concluded correctly that wartime was not the best time to release a film about the love life of a deer.

10) The sentimental “Pollyanna” in 1960 made Walt cry at the studio screening but failed at the box office. Walt concluded that the title was off-putting for young boys.

Walt was human; he suffered through many fits of anger and depression during his trials. Yet he learned from each setback and continued to take even bigger risks, which, combined with the wisdom that experiencing failure can provide, led to fabulous financial rewards.

His journey exemplifies how perseverance in the face of adversity can lead to extraordinary achievements. His story encourages entrepreneurs to view failures not as dead ends but as opportunities for growth and innovation. By embracing challenges and learning from mistakes, one can build a legacy that endures through generations.

At the time of Walt Disney’s death in 1966, his company was already a significant player in the entertainment industry. The 1966 annual report, prepared before his passing, highlighted the company’s diverse ventures, including films, merchandise, television, and Disneyland.

Walt Disney opening day speech disneyland
Credit: Disney

The company’s stock price in 1966 reflected its growth, with an average stock price of $0.2007 and a year-end closing price of $0.2899, marking a 33.78% annual increase.

This foundation set by Walt Disney has enabled the company to evolve into the global entertainment giant it is today. In fiscal year 2024, The Walt Disney Company reported revenues of $91.36 billion, a 3% increase from the previous year, and net income of $4.97 billion, more than double the prior year’s $2.35 billion.

That’s not bad for someone who failed again and again. As Walt Disney said, “All our dreams can come true if we have the courage to pursue them.” Walt Disney was an example for all of us dreamers and risk-takers.

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